Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Fidelity to merge £200m equity fund into £9m multi-asset fund

Fidelity to merge £200m equity fund into £9m multi-asset fund

Fidelity is proposing to merge its 14-year-old International fund into a much smaller multi-manager product launched last year.

International, which has £209 million of assets under management, is run by Ayesha Akbar and Nick Peters as a large-cap direct equity strategy, with at least half its assets allocated to European companies.

Over the past three years it has returned 30%, a top-quartile performance in its Citywire Global High UK sector where the average fund has generated 24.6%.

Fidelity now plans to merge it into its £9 million Open World fund, which was launched in February 2013 and is managed by Ayesha Akbar and James Bateman (pictured).

It takes a multi-asset fund of funds approach, investing in other active products such as CF Morant Wright Japan as well as index trackers.

Since inception it has returned 13.4%, versus 14.3% from its MSCI AC World index.

'As a fund investing in other funds, the Fidelity Open World fund provides a structure that we believe offers greater investment opportunities and prospects for positive investment outcomes, along with the additional benefit of input from third-party investment managers,' a Fidelity spokesperson told Wealth Manager.

'The risk profile is not expected to change as a result of this merger, and it will continue to be managed by Ayesha Akbar with the same investment process and philosophy building on the wider Fidelity Solutions resources.'

If investors approve the merger, it is scheduled to take place in November.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter